Philips's Timmer faces challenge rousing sleepy electronics giant: decade of dismal results leaves shares depressed, operations in disarray
Article Abstract:
N.V. Philips new chairman Jan Timmer, 57, is assuming his post on Jul 2, 1990, and will be faced with turning the Dutch electronics company around from a decade of mediocre performance and fall off in operating profit. Timmer, who gained a reputation after shaking up Philips' consumer electronics division in the late 1980s, will be replacing Cornelis van der Klugt, who was forced to resign in May 1990 after his profit forecasts proved too optimistic. Philips has a multilayered takeover defense to protect it from a hostile bid but if its finances continue to deteriorate, the company will be forced to sell many of its prized assets and sacrifice its role as on of Europe's leading research centers.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1990
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Philips targets two more units in cost-cutting
Article Abstract:
NV Philips prepares to implement cost-cutting measures in its lighting and medical-imaging systems divisions. The giant Dutch electronics company, which has already cut back heavily in its computer and semiconductor operations, plans to cut about 5,000 jobs, or about 10 percent, in its lighting and medical imaging systems operations. Philips faces tougher competition in lighting, its original business, and reported a 19 percent drop in the first-half operating profit for 1990, down to 327 million guilders from 405 million guilders in the first half of 1989. The company will give further details on its cost-cutting efforts when it reports its 3rd qtr 1990 results.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1990
User Contributions:
Comment about this article or add new information about this topic:
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